Process Safety Systems Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024
- Published: Sep 2020
- Pages: 120
- SKU: IRTNTR45014
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The process safety systems market size has the potential to grow by USD 257.63 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (ESS, FG, BMS, and HIPPS), end-user (oil and gas, chemical and petrochemical, power, and others), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International Inc., Johnson Controls International Plc, OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.
What will the Process Safety Systems Market Size be in 2020?
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Who are the Major Process Safety System Vendors?
The process safety systems market is fragmented with the presence of several regional and global vendors. ABB Ltd., Emerson Electric Co., and General Electric Co. are some of the major market participants. The market has grown significantly in the last two decades and has faced volatility due to some changes in the end-users' markets. All the above vendors have well-established distribution networks and a global presence in all the regions. End-users are increasingly looking for automation manufacturers with well-established experience. Although the need for risk reduction in hazardous operations will offer immense growth opportunities, the risks and threats that impact the oil and gas industry will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this process safety systems market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this process safety systems market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- ABB Ltd.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International Inc.
- Johnson Controls International Plc
- OMRON Corp.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corp.
Which are the Key Markets for Process Safety Systems?
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APAC was the largest process safety systems market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing investments in the end-user segments will significantly drive process safety systems market growth in this region over the forecast period.
53% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for process safety systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
What are the Major Product Segments in the Process Safety Systems Market?
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ESS was the major segment of the market in 2019 of the process safety systems market. A safety instrumented system (SIS) is a discrete, consistent, and dependable system that is used to protect industrial processes to prevent the release of poisonous, combustible, or volatile chemicals. The safety integrity level (SIL) is the numerical representation of the integrity of the SIS when a progress demand occurs. The major purpose of the SIS is to lessen risks so that SIL levels can be defined regarding the risk reduction factor (RRF). This report provides an accurate prediction of the contribution of all the segments to the growth of the process safety systems market size.
How will Risk Reduction in Hazardous Operations Influence Process Safety Systems Market Growth?
The process safety systems market will register a CAGR of over 2% during the forecast period. The need for risk reduction in hazardous operations is one of the major factors driving process safety equipment market growth. It has been observed that despite the application of a wide variety of safeguarding measures, process industries are constantly prone to accidents. This results in the increased need for the application of a variety of technical and non-technical layers of protection, such as safety instrumented systems (SIS) since they will help in boosting the productivity and also help in producing high-quality products at a much lower cost.
What are the Key Factors Covered in this Process Safety Systems Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive process safety systems market growth during the next five years
- Precise estimation of the process safety systems market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the process safety systems industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of process safety systems market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- ESS - Market size and forecast 2019-2024
- FG - Market size and forecast 2019-2024
- BMS - Market size and forecast 2019-2024
- HIPPS - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Oil and gas - Market size and forecast 2019-2024
- Chemical and petrochemical - Market size and forecast 2019-2024
- Power - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by End-user
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International Inc.
- Johnson Controls International Plc
- OMRON Corp.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
Frequently Asked Questions?
- US
- China
- UK
- Japan
- Russian Federation
- Canada
- Increase in process automation among end-users
- Development of customized safety systems
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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